In under a decade, stablecoins have evolved from niche crypto experiments into a deeply established digital money. While many stablecoins remain pegged to the U.S. dollar, the ecosystem now includes euro, yuan, and algorithmic-pegged tokens. This diversity could either reinforce the dollar’s global reach or usher in a more multipolar financial era. One striking example of how fast the space is changing is USD1—a politically branded U.S. dollar stablecoin launched in 2025, which has quickly become the fifth largest globally, reaching a market capitalization of $2.68 billion. Its success underlines how stablecoins are ... (full story)